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Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value
-6261.4%
-SEK 767.09
vs SEK 12.45 price
Levered DCF
-SEK 791.77
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-17.38
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.43×-1.01×-1.44×-5.42×-6.97×-3.43×-2.49×-1.58×
P/B18.68×1.66×1.84×8.64×4.07×2.57×3.07×0.98×
P/S3.07×2.05×3.4×12.18×24.58×12.66×10.59×10.17×
EV / EBITDA-1.53×-0.93×-1×-5.27×-5.81×-2.52×-2.11×-0.06×
Gross margin67.0%71.0%69.0%62.8%56.1%52.5%54.5%52.0%
Operating margin-210.5%-226.1%-232.0%-259.6%-361.6%-356.2%-423.0%-638.0%
Net margin-215.2%-205.8%-239.1%-223.0%-355.5%-367.5%-426.3%-640.9%
Current ratio1.92×2.39×3.26×2.09×5.62×4.96×3.4×7.91×
Debt / equity3.46×0.11×0.16×0.32×0.04×0.04×0.17×0×
Interest coverage-89.38×-225.42×-146.97×-9,289.8×-14,136.67×-167.91×-1,706.09×-239.23×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-1308.0%-166.8%-129.1%-158.1%-58.9%-74.7%-123.5%-61.9%
Return on invested capital-286.9%-164.5%-108.2%-128.7%-57.5%-67.1%-113.3%-61.4%
Return on assets-166.9%-99.0%-86.4%-80.0%-48.8%-59.1%-85.7%-54.5%
Free cash flow yield-68.2%-95.1%-66.2%-20.6%-13.9%-28.3%-40.0%-53.9%
Earnings yield-70.0%-100.5%-70.3%-18.3%-14.5%-29.0%-40.2%-63.0%
Enterprise valueSEK 124.7MSEK 53.8MSEK 51.8MSEK 207.3MSEK 225.5MSEK 81MSEK 77.4MSEK 2.6M
Net debt / EBITDA-0.01×0.12×0.53×0.27×1.62×1.23×0.57×1.56×
Cash conversion cycle (days)247412558594486517328356